IFC invests $1.23B in Egypt during 2017/18, plans additional $1B

CAIRO – 8 August 2018: International Finance Corporation (IFC) invested and mobilized around $1.2 billion in Egypt during 2017/18 and an additional $1 billion will be injected in 14 project during the current FY, IFC’s Country Manager in Egypt, Libya and Yemen Walid Labadi told Business Today Magazine.

Labadi affirmed in an interview with the sister magazine of Egypt Today, that IFC sees great opportunities in infrastructure projects in Egypt, renewable energy, especially in the wind sector.

He flagged agribusiness, manufacturing, services and tourism as top priority fields.
Labadi also revealed that his institution injected and mobilized above $1.2 billion in high-profile investments in pioneering projects in Egypt in FY2017/18, including a landmark investment of $653 million in building 13 solar power plants in Upper Egypt’s Benban solar complex that will be the largest solar installation in the world and will provide 752 megawatts of cost-effective and eco-friendly electricity to 350,000 residents.

For the current fiscal year, IFC is planning to pump around $1 billion in about the same number of projects like last year (about 15), Labadi discloses, who was part of IFC’s teams that financed power plants in Turkey and Egypt along with airports in Jordan, Tunisia, and Jamaica. He has also participated in and oil and gas investments in Egypt and Africa.

He further stated that economic reform needs to continue and private sector involvement needs to increase for Egypt to stay on the right track.

In April, the IFC announced its support to Egypt’s private sector by nearly $1 billion, affirming its commitment to boosting the Egyptian economy which came as a result of the strong economic reform measures implemented by the Egyptian government.

Meanwhile, IFC’s investments to support Egypt’s private sector recorded around $1 billion during 2017/2018, aiming to boost the Egyptian economy.